I believe wbload.exe is still used for applying older version 4 skins that use "wbload.exe" to apply the skin.
I have WB5 installed on a clean install of OS on 2 machines, and did not install WB4 - and "wbload.exe" is in the WindowBlinds sub-directory.
You could try unloading WB > restore Windows to default XP theme > reboot > load one of the pre-packaged skins that came with WB5 (5imple-alpha, Aura, DogmaX) to see if "wbload.exe" starts. If so, you have something going sideways and may want to save skin folders to temp folder > uninstall WB completely > reinstall WB5 only > replace skin folders > start WB5 and click "Rebuild List".
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